How Long Does It Take to Mine a Bitcoin?

I’ve done some research on Bitcoin and the blockchain. I understand more or less how Bitcoin mining refers to the use of computing power to process and register the transactions that take place with Bitcoin. What I have been unable to determine, however, is how long it takes to mine a Bitcoin? Is it something that anybody can do? Would it be profitable to mine Bitcoin today?

— Short Answer —

The technical and direct answer to your question is that there is no fixed amount time for mining a single Bitcoin. As a matter of fact, Bitcoin are not “mined” in individual units. It is all dependent upon what is known as “mining difficulty” and the total number of Bitcoin that can emerge each 24-hour period. In order to understand how long it takes to mine Bitcoin, it is important to establish the basic elements behind it.

— The Basics —

First, Bitcoin are mined in blocks. Each block that is successfully mined is rewarded with 12.5 Bitcoin. Presently, until the year 2021, the number of Bitcoin that can be generated per given day is 1,800. After 2021 that number will be halved to 900. All of those Bitcoin have to be shared across the entire network of miners around the world. They are shared in proportion to the computing power than each miner contributes.

— Pooled Mining —

For the reasons mentioned above, the majority of Bitcoin mining takes place in the form of pooled mining. This means that many individual miners, large and small, pool their computing power together to mine Bitcoin blocks. They get compensated based on their proportional contribution in computing power required to mine the block.

— Incremental Demand for Computing Power —

There is also another important factor to keep in mind. Within the blockchain, there is a dynamic parameter that controls the hash power that is required to mine one block. It is designed so that it becomes incremental over time based on its current available computing power.

To a non-technical person, this must sound awfully confusing. Look at it like this, all of the power that is being used today to mine Bitcoin is used as a baseline to determine what amount of computing power will be needed to mine the same amount the next day. In other words, if you were picking apples and your body consumed 100 calories to pick one bushel of apples today, it would be akin to requiring your body to consume 110 calories tomorrow for the same bushel of apples.

The result of this is that, whereas in the very early days of Bitcoin it was possible to mine on an ordinary laptop or PC — in the present day, in order to make it a profitable affair, you have to use specialized equipment.

— Summary —

Having laid out all the pieces, it should now be easier to understand why there is not a set answer for how long it takes to mine Bitcoin. You should be able to to see how mining difficulty is a dynamic factor that is constantly changing.

The best way to look at Bitcoin mining from a “what can I get out of it” sort of way, is to look at what you could achieve through pooled mining and the entry costs associated with such an activity. In a pooled mining set up, even the most humble of mining units will earn you revenue. However, you must always take into consideration the cost of the energy required to run your unit.